President Barack Obama and French Socialists appear to have captured the reins of the United Nations. On Thursday, the UN demanded nations impose international taxes to raise more than $400 billion annually. To offset cutbacks in aid by many countries amidst global economic turmoil, the UN is preparing for carbon taxes, currency transaction taxes and billionaires taxes.

Reuters news agency reports that, “the U.N. World Economic and Social Survey found the needs of developing countries were not being met, more money was needed to fight challenges like climate change and new taxes would help ‘donor countries overcome their record of broken promises.”

Fortunately, the UN has no legal authority or mechanism to enforce global taxes and could only request its 193 members to do so. The world body tends to endorse Socialist economic policies and utilizes the World Bank and International Monetary Fund to implement its measures.

According to Reuters, “some United Nations officials have made various global economic proposals such as replacing the U.S. dollar as the world’s currency with IMF Special Drawing Rights, an idea that a number of countries have been pushing.”

Sounds like the global organization is seeking to introduce a UN dollar as the world’s currency.